Chemung Financial Corp · NASDAQ:CHMG
Chemung Financial — Q2 2026 Earnings Presentation
53 slides from Chemung Financial's earnings presentation, Jul 27, 2026
Slide 1: Second Quarter 2026 Investor Presentation
Second Quarter 2026 Investor Presentation
Slide 2: With You Today
Chemung Financial Corporation Chemung Financial Corporation With You Today 2 Anders Tomson President & Chief Executive Officer Dale McKim Executive Vice President & Chief Financial Officer
Slide 3: Safe Harbor Statement
Chemung Financial Corporation Safe Harbor Statement Forward - looking Statements: This report contains forward - looking statements within the meaning of Section 27A of the Securities Act. The Corporation intends its forward - looking statements to be covered by the safe harbor provisions for forwar
Slide 4: Key Takeaways
Chemung Financial Corporation Key Takeaways 4 Second Quarter 2026 Investor Presentation Continued strength and momentum in underlying businesses Core spread - based improvement complemented by stable wealth management revenue Stable deposit base and ample liquidity Majority of deposits sourced from
Slide 5: About Us
About Us Elmira, Albany, Buffalo, NY 5
Slide 6: About Us
Chemung Financial Corporation Oldest locally owned and managed community bank in New York State, dating to 1833. Subsidiary bank - Chemung Canal Trust Company - operates with 30 branches over 14 counties in New York and Pennsylvania. Operating as Capital Bank in Albany, New York market and Canal Ban
Slide 7: Strategic priorities: revenue growth, efficiencies, customer experience
Chemung Financial Corporation Revenue Growth ▪ Deposit initiatives focusing and enhancing growth in identified verticals. ▪ Well positioned to opportunistically acquire when operational model and pricing is right. Seeking wealth management, whole bank or branch opportunities. ▪ Continue scaling the
Slide 8: Second Quarter 2026 Highlights
Chemung Financial Corporation Second Quarter 2026 Highlights 8 EPS $1.82 Net Income $8.8 million ROAA 1.27% ROAE 13.19% Net Interest Margin 3.67% ACL - to - total loans 1.07% Non - performing loans - to - total loans 0.39% Performance Ratios 8 Second Quarter 2026 Investor Presentation
Slide 9: Second Quarter 2026 Highlights
Chemung Financial Corporation Second Quarter 2026 Highlights 9 ▪ YTD net income of $18.0 million and EPS of $3.73 ▪ QTD net income of $8.8 million and EPS of $1.82 for the second quarter ▪ Net interest margin increased 7 bps quarter over quarter, from 3.60% to 3.67% ▪ Yield on interest - earning ass
Slide 10: CHMG - Market Indicators
Chemung Financial Corporation CHMG - Market Indicators 10 Total Shareholder Return Second Quarter 2026 Investor Presentation 92.74% 110.02% 57.57% 44.44% 86.37% 28.27% Five Year Three Year One Year Tangible Book Value 1.20 1.15 1.45 1.34 1.21 1.00 1.10 1.20 1.30 1.40 1.50 2024 2025 Q2 2026 8.60 10.3
Slide 11: Balance Sheet Restructuring and Subordinated Debt Raise
Chemung Financial Corporation Balance Sheet Restructuring and Subordinated Debt Raise 11 Second Quarter 2026 Investor Presentation Transaction Overview: Balance Sheet Optimization ▪ Sold ~$245M+ of low yielding AFS securities (Book Value) in June 2025 ▪ Pre - Tax Loss: ~$17.5M ▪ Average Yield on Sec
Slide 12: Appendices
Chemung Financial Corporation Appendices 12 Corporate and Financial Highlights Background Page 13 Corporate Organization Markets and Share Management Team Community Loans Page 20 Loan Growth Portfolio Composition Commercial Portfolio Non - Performers Investments Page 33 Portfolio Composition Yield a
Slide 13: Background
Background 13
Slide 14: Corporate Organization
Chemung Financial Corporation Corporate Organization 14 Trust and Wealth Management services Provides mutual funds, securities and insurance brokerage services through LPL Financial Banking operations in Southern Tier and Finger Lakes of New York Wealth Management Group Banking operations in the Cap
Slide 15: Markets
Chemung Financial Corporation Markets 15 Legacy Markets Long, deep relationships since 1833 provide stable funding and earnings engine. Steady and even economy, powered by large corporations (Corning, Inc.), higher education (Cornell University, SUNY Binghamton) and tourism. Growth Opportunity New Y
Slide 16: Dominant market share of deposits
Chemung Financial Corporation Dominant market share of deposits Legacy Markets Small share of much larger markets; a lot of room to grow. Growth Markets Deployment of lower cost deposits to higher growth markets. Competitive Advantage Share 2025 Deposits ($000s) County 64.56% $910,682 Chemung 2.06%
Slide 17: New York Semiconductor Ecosystem
Chemung Financial Corporation New York Semiconductor Ecosystem 17 Second Quarter 2026 Investor Presentation 156+ Semiconductor & supply chain companies in NYS today $124B Investment since 2022 1 in 4 U.S. made chips will be produced within 350 miles of Upstate New York $9.6B Annual New York State GD
Slide 18: Experienced Management Team
Chemung Financial Corporation EVP, Senior Banking Officer Industry Experience: 32 years Years with CHMG: 9 years Previously with TD Bank Kimberly Hazelton President and CEO Industry Experience: 33 years Years with CHMG: 15 years Previously with Citizens Anders Tomson Experienced Management Team 18 E
Slide 19: Supporting Our Communities
Chemung Financial Corporation Supporting Our Communities 19 Volunteering Nearly 12,000 Hours Distributing Over $700,000 in Donations and Sponsorships Achieve | Albany Medical Center | American Cancer Society | American Heart Association | ARCs | Arnot Museum | Arnot Health | Auburn Public Theater |
Slide 20: Loans
Loans 20
Slide 21: Summary of Loan Growth
Chemung Financial Corporation 13.8% 13.4% 14.4% 14.3% 13.9% 54.5% 56.9% 58.8% 62.1% 64.1% 15.6% 14.1% 13.3% 12.7% 12.1% 11.0% 10.7% 8.6% 5.8% 4.8% 5.1% 4.9% 4.9% 5.1% 5.1% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Loans by Type (%) Other Cons. Indirect Cons. Res. Mort. Comm. Mort. Comm. & Ind. Sum
Slide 22: Loans by Division
Chemung Financial Corporation $651.5 $665.7 $626.9 $616.7 $588.6 $1,098.1 $1,206.6 $1,302.6 $1,417.8 $1,477.1 $79.8 $100.4 $141.9 $235.1 $301.5 Loans by Division ($ Millions) Chemung Capital Canal Summary of Loan Growth Q2 2026 2025 2024 2023 2022 24.9% 27.2% 30.3% 33.8% 35.6% Chemung 62.4% 62.4% 62
Slide 23: Loan Composition
Chemung Financial Corporation 13.9% 7.8% 56.4% 12.1% 9.8% Portfolio Concentrations to Total Loans June 30, 2026 Commercial & Ind. CRE Owner Occupied CRE Non-Owner Occupied Residential Mort. Consumer Loan Composition 23 ▪ June 2025 capital raise meaningfully reduced CRE non - owner occupied (NOO) rat
Slide 24: Loan Composition: Portfolio to Tier 1 Capital & ACL
Chemung Financial Corporation 2022 2023 2024 2025 Q2 2026 C&I 109% 105% 109% 99% 95% CRE OO 46% 49% 52% 55% 53% CRE NOO 387% 397% 392% 378% 387% RRE 124% 110% 100% 88% 83% Consumer 128% 122% 102% 76% 68% 0% 50% 100% 150% 200% 250% 300% 350% 400% 450% Portfolio Composition to Tier 1 Capital & ACL Jun
Slide 25: Tier 1 Capital and ACL
Chemung Financial Corporation $230.6 $251.9 $274.3 $326.0 $344.5 $200.0 $220.0 $240.0 $260.0 $280.0 $300.0 $320.0 $340.0 $360.0 2022 2023 2024 2025 Q2 2026 ***CECL Adopted 1/1/2023 (in millions) Bank-Level Tier 1 Capital and ACL Tier 1 Capital and ACL 25 ▪ $37.0MM of 2025 subordinated debt proceeds
Slide 26: Commercial Loan Portfolio
Chemung Financial Corporation 68.3% 3.6% 4.8% 2.0% 4.2% 6.1% 2.8% 8.2% NAICS Descriptions Real Estate, Rental & Leasing Manufacturing Health Care & Social Assistance Wholesale Trade Construction Accommodation & Food Services Arts, Entertainment & Recreation Other Commercial Loan Portfolio – June 30,
Slide 27: Commercial Real Estate
Chemung Financial Corporation Multifamily 32% Retail 17% Construction 10% Office 10% Warehouse 7% Hotel 6% Other 18% $1.52 Billion Commercial Real Estate 27 *June 30, 2026 figures unaudited Second Quarter 2026 Investor Presentation As of June 30, 2026 CRE Portfolio Metrics $1.52 million Average loan
Slide 28: Commercial Real Estate
Chemung Financial Corporation 28 Second Quarter 2026 Investor Presentation Commercial Real Estate ▪ Focused on loans in existing markets. ▪ Continued strong CRE growth across footprint. ▪ Strong sponsor and guarantor support. *June 30, 2026 figures unaudited $80.5 Million in CRE Loan Balances outsid
Slide 29: Commercial Real Estate Maturity & Repricing Details
Chemung Financial Corporation 659,555 90,224 95,999 101,019 96,007 474,582 0% 10% 20% 30% 40% 50% - 100,000 200,000 300,000 400,000 500,000 600,000 700,000 2026 2027 2028 2029 2030 2031 & After CRE Repricing Schedule (As of June 30, 2026) Balances ($ Thousands) % of CRE Commercial Real Estate Maturi
Slide 30: Consumer Loans
Chemung Financial Corporation Residential Mortgage 55% Home Equity 10% HELOC 12% Indirect 22% Direct 1% $521.4 Million Consumer Loans 30 *June 30, 2026 figures unaudited **Annualized Second Quarter 2026 Investor Presentation As of June 30, 2026 Consumer Portfolio Metrics $7.01 million / 1.35% of con
Slide 31: Fixed Rate Loans by Maturity Date
Chemung Financial Corporation Fixed Rate Loans by Maturity Date 31 *June 30, 2026 figures unaudited Second Quarter 2026 Investor Presentation 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 After 2035 Consumer 486 5,762 20,798 30,376 27,214 21,326 17,325 5,639 3,202 2,612 34,216 Residential Mortga
Slide 32: Trends in Non-Performing Assets
Chemung Financial Corporation 0.40% 0.39% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% Non - Performing Loans and Assets (% of Total) Non-performing assets to total assets Non-performing loans to total loans Trends in Non - Performing Assets 32 *June 30, 2026 figures unaudited. Second Quarter 2026 Investor P
Slide 33: Investments
Investments 33
Slide 34: Investment Portfolio Composition
Chemung Financial Corporation 8.8% 9.5% 10.7% 68.8% 69.1% 68.8% 90.3% 90.1% 6.1% 6.6% 6.7% 3.7% 3.6% 16.3% 14.8% 13.8% 6.0% 6.3% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2022 2023 2024 2025 Q2 2026 Securities Available for Sale by Type (%) U.S. Government & Enterprises MBS & CMO States & Politica
Slide 35: Investment Portfolio - Yield & Duration
Chemung Financial Corporation 2.27% 4.8 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 1.50% 1.70% 1.90% 2.10% 2.30% 2.50% 2022 2023 2024 2025 Q2 2026 Investment Portfolio Yield Duration - Years Investment Portfolio - Yield & Duration 35 ▪ Utilized proceeds from 2025 securities sales to reduce wholesale fundin
Slide 36: Investment Portfolio – Fair Value and AOCI
Chemung Financial Corporation $55,574 $55,332 $56,906 $435,131 $403,824 $365,934 $253,306 $242,465 $38,892 $38,686 $35,505 $10,310 $9,708 $102,992 $86,151 $73,097 $16,982 $16,870 $(96,609) $(85,099) $(85,829) $(47,290) $(47,159) $(120,000) $(100,000) $(80,000) $(60,000) $(40,000) $(20,000) $- $- $10
Slide 37: Deposits
Deposits 37
Slide 38: Deposit Costs
Chemung Financial Corporation 31.5% 26.9% 26.1% 27.5% 28.9% 11.7% 12.0% 12.8% 14.4% 13.2% 27.5% 25.7% 24.8% 26.5% 28.8% 12.0% 10.2% 10.3% 11.2% 10.9% 14.1% 19.3% 22.2% 20.4% 18.2% 3.2% 5.9% 3.8% 2022 2023 2024 2025 Q2 2026 Account Types (%) Non-Interest Bearing DDA Interest Bearing DDA Money Market
Slide 39: Deposit Composition
Chemung Financial Corporation 51.2% 50.2% 50.4% 43.8% 45.0% 44.1% 42.0% 44.9% 47.3% 46.5% 26.9% 28.4% 29.4% 34.0% 34.1% 30.1% 28.2% 29.0% 31.2% 31.4% 9.1% 9.1% 8.7% 6.6% 7.5% 6.8% 6.3% 6.1% 7.1% 7.4% 3.1% 5.9% 3.8% 12.8% 12.3% 11.5% 15.6% 13.4% 15.9% 17.6% 16.2% 14.4% 14.7% Deposits by Customer (%)
Slide 40: Deposit Composition by Division
Chemung Financial Corporation $1,815.5 $1,899.8 $1,892.2 $1,857.5 $1,887.6 $435.2 $381.0 $399.4 $363.7 $378.4 $73.5 $142.8 $92.2 $3.0 $5.8 $13.1 $49.5 $97.9 30.1% 27.0% 27.2% 30.1% 31.5% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 2022
Slide 41: Liquidity
Chemung Financial Corporation Liquidity 41 Williamsville, New York Branch As of June 30, 2026 Remaining Available Outstanding Total Available Dollars in Thousands 91,306 $ 89,590 $ 180,896 $ FHLB Advances 65,000 - 65,000 Correspondent Bank Lines of Credit 282,020 - 282,020 Brokered Deposits 66,979 -
Slide 42: Performance
Performance 42
Slide 43: GAAP Net Income - Quarterly Trend
Chemung Financial Corporation GAAP Net Income - Quarterly Trend ($ Thousands) 43 *June 30, 2026 figures unaudited. Second Quarter 2026 Investor Presentation $28.8MM $25.0MM $23.7MM $15.1MM $18.0MM 2022 2023 2024 2025 2026 $6,867 $8,024 $6,453 $7,439 $7,270 $6,280 $7,648 $3,802 $7,050 $4,987 $5,720 $
Slide 44: Non-GAAP Net Income - Quarterly Trend
Chemung Financial Corporation Non - GAAP Net Income - Quarterly Trend ($ Thousands) 44 *June 30, 2026 figures unaudited. Refer to the GAAP - to - Non - GAAP Reconciliation on slide 51. Second Quarter 2026 Investor Presentation $28.8MM $23.2MM $23.7MM $27.9MM $18.0MM 2022 2023 2024 2025 2026 $6,867 $
Slide 45: Net Interest Margin
Chemung Financial Corporation 2022 2023 2024 2025 2026 Q1 2.87% 3.14% 2.73% 2.96% 3.60% Q2 2.97% 2.87% 2.66% 3.05% 3.67% Q3 3.08% 2.73% 2.72% 3.45% Q4 3.26% 2.69% 2.92% 3.61% YTD 3.05% 2.85% 2.76% 3.26% 3.63% 3.05% 2.85% 2.76% 3.26% 3.63% 2.00% 2.50% 3.00% 3.50% 4.00% Fully Taxable Equivalent Net In
Slide 46: Non-Interest Income Components
Chemung Financial Corporation Overdraft Fees 10.6% Other Deposit Service Charges 5.7% Interchange Income 16.5% Wealth Management Revenue 49.4% CFS Group, Inc. Revenue 6.8% Net Gains on Sales of Loans 0.5% Change in FV of Equity Securities 1.6% Other 8.9% $12.8 Million Year to Date 2026 Retirement Se
Slide 47: Wealth Management and CFS Group, Inc. Revenue
Chemung Financial Corporation Wealth Management and CFS Group, Inc. Revenue 47 *June 30, 2026 figures unaudited. **CAGR December 31, 2022 to December 31, 2025 Second Quarter 2026 Investor Presentation 2022 2023 2024 2025 YTD 2026 Wealth Management Revenue $10,280 $10,460 $11,573 $11,945 $6,336 CFS G
Slide 48: Non-Interest Expense Components
Chemung Financial Corporation Salaries , 42.5% Data Processing , 14.0% Employee Benefits , 11.2% Net Occupancy , 8.3% FDIC Insurance , 1.7% Professional Services , 4.5% Furniture/Equipment , 2.5% Marketing , 2.0% Other , 13.3% $36.8 Million Year to Date 2026 Salaries Data Processing Employee Benefit
Slide 49: Expense Management and Control
Chemung Financial Corporation 65.71 61.71 61.71 66.20 68.89 63.00 60.10 54.00 56.00 58.00 60.00 62.00 64.00 66.00 68.00 70.00 2020 2021 2022 2023 2024 2025 YTD 2026 Efficiency Ratio (%)** Expense Management and Control 49 Goal is both cost containment and cost savings ▪ Increase efficiency in bankin
Slide 50: Capital Management
Chemung Financial Corporation Capital Management 50 ▪ Positioned to remain profitable and pay dividends ▪ Increased quarterly dividend $0.03 per share during 2025, or 9.7% to $0.34 ▪ Announced share repurchase program of 250,000 shares in January 2021 ▪ As of June 30, 2026: 49,184 shares had been re
Slide 51: GAAP to Non-GAAP Reconciliation
Chemung Financial Corporation GAAP to Non - GAAP Reconciliation 51 Second Quarter 2026 Investor Presentation *June 30, 2026 figures unaudited.
Slide 52: CHMG Stock At a Glance
Chemung Financial Corporation 4.8 million Shares Outstanding $360.8M Market Capitalization $0.68 YTD Dividend Per Share 1.82% Dividend Yield (TTM) 20,847 Average Daily Volume^ $55.88 Book Value Per Share $51.37 Tangible Book Value Per Share $74.58 Stock Price 10.72x Price to Earnings (TTM)* 1.45x Pr
Slide 53: Get In Touch
Chemung Financial Corporation One Chemung Canal Plaza Elmira, New York 14901 Anders Tomson 607 737 - 3756 atomson@chemungcanal.com Get In Touch Chemung Financial Corporation is a $2.8 billion financial services holding company headquartered in Elmira, New York and operates 30 retail offices through